Ford Motor Earnings, Revenue Blow Past Expectations
Ford Motor reported higher-than-expected earnings and revenue Tuesday, but predicted a wider loss in Europe due to persistent weakness in the region.
Earnings excluding items rose to 31 cents per share from 20 cents a share in the year-earlier period.
Revenue improved to $34.5 billion, most of it generated by its North American operations, from $32.60 billion a year ago.
Wall Street had expected Ford to report earnings excluding items of 25 cents a share on $32.94 billion in revenue, according to Thomson Reuters consensus estimates.
The nation's second-largest automaker also said it sees 2013 profit equal to its 2012 results.
In Europe, Ford lost more than $1.75 billion last year, about in line with its outlook for a loss of more than $1.5 billion.
Ford deepened its 2013 loss estimate in the troubled region to $2 billion. Previously, the automaker said it expected its 2013 performance in Europe to be roughly equal to its 2012 loss.
But Chief Financial Officer Bob Shanks predicted Ford's losses in Europe will bottom out this year. The automaker expects to command a higher market share in both the U.S. and China.
The wider 2013 loss estimate is also affected by a lower interest rate, which increases the automaker's pension costs, and a stronger euro. Ford said the European business environment remains uncertain and the company would take further action as necessary.
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—Reuters contributed to this article.
